Maryland was a founding member of the ACC in 1953, reports USA TODAY. ACC Commissioner John Swofford issued the following statement:

"Our best wishes are extended to all of the people associated with the University of Maryland. Since our inception, they have been an outstanding member of our conference and we are sorry to see them exit. For the past 60 years the Atlantic Coast Conference has exhibited leadership in academics and athletics. This is our foundation and we look forward to building on it as we move forward."

Maryland is set to hold a news conference this afternoon. The University of Maryland president and director of athletics as well as the Big Ten commissioner are slated to be there.The Big Ten Network will air the conference at 2:30 p.m.

The Diamondback reports that the Big Ten Council of Presidents unanimously accepted the university's move to join the conference. University president Wallace Loh told the Diamondback, "I did it to guarantee the long-term future of Maryland athletics...No future president will have to worry about cutting teams or that Maryland athletics will be at risk."

One of the benefits of the conference is that members get some of the money from all sports events and games. Members of the Big Ten also reap the academic benefits of the Committee on Institutional Cooperation, including help obtaining federal grants, exchanges of member resources and scholars, raising the university's position as a research institution and more.

Another advantage could be the Association of American Universities. Eleven of the 12 school in the Big Ten are members. The AAU carries a considerable amount of prestige, and lobbies for research funding for its members.

Marylandfaces a $50 million fee to leave the ACC.

ESPN reports that Rutgers is also expected to make a move from the Big East to the Big Ten. Its board has a meeting scheduled for Monday.